$Powell(POWL)$ If the President keeps him in place until the end of his term then this will strengthen the US economy and more importantly restore global faith in the robustness of the US political systems. This restraint alone will pay dividends for decades to come.
With the polarization of US politics the world worries that the USA is decaying into some sort of tin foil hat wearing republic, but we are not quite sure of the quality and thickness of the tin foil. Removing the Fed Chair will just re-enforce this anxiety and money will flow into other markets that perhaps offer similar fiscal insecurity but higher returns.
Why people invest in the USA is because we fundamentally trust the moral fibre of the place and hence the US Dollar. Erode that trust and the likes of the Yen, Swiss Frank, GBP, EUR, SGD and even the HKD and Yuan start to become attractive alternatives. I am sure President Xi would love the Yuan to become the goto safe currency in global turmoil.
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